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- FTX estate sells $2.6 billion in Solana tokens at a discount
- Solana’s market metrics indicate mixed signals, with RSI at 53.56 suggesting stability and KST indicating it may be oversold.
- FTX’s liquidation includes $255 million in real estate, notably a Nassau penthouse and 15 Albany properties worth $140 million.
Bloomberg Crypto reports that the estate of the bankrupt crypto exchange FTX concluded the sale of $2.6 billion worth of Solana tokens at a discount. Figure Markets and Pantera were among the buyers. Figure Markets purchased 784,000 SOL tokens for $80 million, averaging $102 per token.
The estate of bankrupt crypto exchange FTX concludes sales of a $2.6 billion trove of discounted Solana tokens, with Figure Markets and Pantera among the buyers https://t.co/qv0UrHcxxY— Bloomberg Crypto (@crypto) May 24, 2024
This transaction occurred amid a volatile market, with Solana’s price currently at $165.73. The 24-hour trading volume for Solana stands at $5,796,391,450, reflecting a 4.91% decline. Solana’s current market cap is $74,463,869,286, with a circulating supply of 449,294,866 SOL coins.
Subsequently, technical indicators for Solana suggest varied market sentiments. The Relative Strength Index (RSI) on the daily chart reads 53.56. This indicates that Solana is neither overbought nor oversold. Hence, consolidation or sideways movement is expected soon.
Source: TradingView
Conversely, the Know Sure Thing (KST) indicator reads at 166.6197. This suggests Solana is currently oversold, potentially signaling a buying opportunity. However, traders should consider other technical indicators and broader market conditions before making decisions.
In addition to the token sale, FTX’s liquidation process includes divesting a significant real estate portfolio. This includes a lavish penthouse atop the Orchid building in Nassau, Bahamas. Formerly the headquarters of FTX co-founder Sam Bankman-Fried, this property symbolizes FTX’s rapid ascent and subsequent decline.
Real estate experts believe FTX overpaid for its Bahamian properties, potentially creating a bubble market. Jason Kinsale, a Nassau developer, and Robin Brownrigg, a real estate appraiser, foresee challenges in recouping these investments.
For example, a similar apartment in the Orchid building was recently listed for $29 million, suggesting potential losses after taxes and fees. The overall liquidation involves $255 million worth of properties, including 52 apartments and lots in luxury developments like Albany.
Furthermore, Albany, a high-end enclave popular with celebrities like Tiger Woods and Justin Timberlake, saw FTX invest $140 million for 15 apartments and a villa. The Orchid penthouse remains the crown jewel of these investments.
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